May I suggest the following:I am also a general contractor, and if I under estimate the job, i eat it to protect my reputation, but never by 25%, yikes, he probably did not get estimates from his subs.

Tear down vs rehab is equal to developer vs rehabber.

These can be developed in one of two ways: 1) a straight fixed bid, or 2) a Time and Materials contract (T&M) with a "cost not to exceed" clause.

The association will be designed as a networking opportunity for experienced Real Estate investors to share their knowledge, ideas and best practices.The first few meetings will be dedicated to working together to develop a format and create a plan for future meetings.The only requirements for the meetings will be1)All attendees must own at least 1 investment property2)ABSOLUTELY NO SELLING will occur at any time during the meetings.

My wife's father is a contractor with a great local reputation, so with his help we have some equity built up.

I would take the deal to a reputable accountant and have him review the deal and the tax consequences and invite Mr.

Ready to cross over to the world of multifamily buy and hold, rehabbing/flipping, land development, REO/pre-foreclosure/short sales....If it's a deal...we're there!

I have been using the site to educate myself on a variety of subjects over the last few years and am now ready to develop my network and make my first deal.I have been renting in Syracuse and am now looking to purchase a 1-4 unit property.

Sounds like you're on your way to developing your own!

What might be insured is between the insurance carrier and the lender.Considerations are vast, the local economy, the project, management, financials, timing of the project to completion, basically all areas that a lender will consider.As to sub-prime, never heard of it, as coverage is generally afforded to strong borrowers, developers that are entering a project at a higher LTV initially and the LTV is reduced as a project comes to completion, the initial risk.Apartments or properties held long term can be insured but again usually to cover the LTV risk, that is risk enough and to add sub-prime credit, management, or low debt coverage issues really isn't an insurable risk.